With rapid development of terminal technologies, an increasing quantity of mobile terminals emerges. A most basic function of these mobile terminals is a communication function. A speaker module is indispensable in a communication process of a mobile terminal. The speaker module includes an audio component and a speaker board. A same type of mobile terminal may be configured with speaker modules manufactured by different manufacturers during a production process, and technical specifications for manufacturing the speaker modules by different manufacturers are different. Therefore, audio parameters of audio components differ to some extent. When the same type of mobile terminal is configured with the speaker modules manufactured by the different manufacturers, audio parameters of such type of mobile terminal are different. Therefore, to ensure consistent audio performance of such type of mobile terminal, manufacturers with similar technical specifications for manufacturing audio components may be selected. However, this limits a selection scope of such type of mobile terminal and does not completely eliminate a difference in audio performance. If audio parameters of an audio component manufactured by a manufacturer with lower technical specifications prevail, the audio performance of such type of mobile terminal is reduced. Therefore, a speaker module, and an audio compensation method and apparatus are urgently required.